# Table 3: Leave-One-Region-Out

| Dropped Region | N dropped | N_c remaining | Z₁ | SE | p-val | R² |
|---|---|---|---|---|---|---|
| *Full sample* | 0 | 138 | 50.28*** | 14.47 | 0.0005 | 0.2712 |
| CCA_commodity | 5 | 133 | 51.19*** | 14.57 | 0.0005 | 0.2761 |
| CCA_non_commodity | 8 | 130 | 17.44 | 15.98 | 0.2751 | 0.3163 |
| CCA_all | 13 | 125 | 16.96 | 16.23 | 0.2960 | 0.3236 |
| Baltic | 3 | 135 | 51.54*** | 14.57 | 0.0004 | 0.2758 |
| CEE | 11 | 127 | 51.42*** | 15.03 | 0.0006 | 0.2827 |
| All_transition | 27 | 111 | 16.67 | 16.91 | 0.3242 | 0.3517 |